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Trade Minister pledges 75% reduction in CoL by 1st quarter!

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Trade, Commerce and Food Security Minister Nalin Fernando pledges a significant reduction of 75% in the cost of living burden on the people by the end of the first quarter this year. 

He attributes this positive outlook to the initiation of 2024 with a positive economic growth rate.

Minister Fernando expressed his commitment to enhancing consumer rights by introducing a new program for the Consumer Authority, aiming to provide greater security for consumers. 

The Minister’s remarks were made during a press conference at the Presidential Media Center (PMC) today (03) under the theme ìCollective Path to a Stable Countryî.

He acknowledged the impact of India’s halt on big onion exports, which has reverberated in Sri Lanka. However, the minister assured that the situation will be sort within the next two weeks when India relaxes its restrictions on onion exports.

Minister Nalin Fernando further commented:

“We embark on the year 2024 with a positive economic growth rate. Notably, by the end of the first quarter, the cost of living burden on the people is projected to decrease by 75%. The existing tax policy assures continued relief for citizens in the future.

While some argue against levying taxes for government income, it must be emphasized that such statements are counterproductive to the country’s economic growth. Citizens bear the responsibility of supporting government investments in the country’s future using tax revenue. Critics often cite high taxes as a reason for leaving the country. However, taxation in our country stands at a modest 12%, significantly lower than the 38% to 43% in countries attracting emigrants. These nations have thrived due to their tax policies.

The interruption in big onion exports from India has impacted our country, but resolution is expected within the next two weeks when India relaxes export restrictions. Improper publicity surrounding tax amendments, including VAT, has led to unwarranted price hikes by intermediaries and some companies, placing pressure on the people.

In the first quarter of 2024, Lanka Sathosa aims to open five new mega stores and ten regular Lanka Sathosa stores. By year end, the plan is to expand the Lanka Sathosa outlet network to 500 outlets. Expanding the network to 500 outlets serves the primary goal of enabling consumers to purchase goods at government subsidized prices without shortages. In 2024, the goal is to increase the total income of Lanka Sathosa Company to nearly Rs. 70 billion, achieving an operating profit of nearly Rs. 1.5 billion. The company aims to secure a net profit of Rs. 500 million amidst the economic challenges.

A new program for the consumer authority is anticipated in 2024, aiming to enhance consumer rights. The Department of Measurement Units, Standards and Services will be fully computerized to meet people’s needs in the first four months of the year.”

(President’s Media Division)

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MP Chamara Sampath remanded despite being granted bail (Update)

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Badulla District MP Chamara Sampath Dassanayake has been remanded until April 01, 2025, over one of three corruption allegations.

Earlier today, the Commission to Investigate Allegations of Bribery or Corruption questioned the MP regarding three corruption charges, including an alleged financial irregularity during his tenure as a provincial minister.

He faces three charges, including causing a loss of Rs. 23 million to the government by withdrawing all fixed deposits maintained by the provincial council from a state bank after the bank manager refused to provide additional funds, for which he was remanded by the court.

He faces two other charges from the Commission to Investigate Allegations of Bribery or Corruption (CIABOC).

When produced before the Colombo Chief Magistrate’s Court today (March 27), over two charges, he was ordered to be released on a cash bail of Rs. 50,000 and two sureties of Rs. 5 million each.

The Colombo Magistrate’s Court also imposed an overseas travel ban on him.


(Previous News on 27th March, 2025 at 2:08pm)

MP Chamara Sampath arrested

The New Democratic Front’s (NDF) Badulla District MP Chamara Sampath Dassanayake has been arrested by the Bribery Commission.

Earlier, he was questioned by the officials of the Bribery Commission in relation to an irregularity that occurred during his tenure as the Chief Minister of Uva Province.

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GP Certified launches to revolutionise plastic recycling

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In a significant step towards sustainable plastic waste management, Island Climate Initiative (ICI) officially launched GP Certified, Sri Lanka’s first certification mechanism for high-quality recycled plastics. The launch event, held in Colombo, brought together key stakeholders—including FMCG brands, recyclers, policymakers, and environmental advocates – to introduce the future of sustainable packaging in Sri Lanka.

Sri Lanka generates thousands of tonnes of plastic waste annually, yet only 4% is recycled. Most plastic waste is either burned or dumped into landfills, polluting our oceans and waterways. GP Certified aims to change this by promoting better recycling practices and encouraging FMCG companies to use recycled plastics in their packaging. This will reduce reliance on imported virgin plastics and less plastic waste will enter the environment.

The GP certification provides recyclers with clear industry guidelines to ensure plastics are recycled to higher standards under safe, ethical and environmentally responsible conditions. This means FMCG companies can confidently and safely use recycled plastics in their packaging, supporting a more sustainable circular economy.Speaking at the launch event, Mr Chaminda Rajapakse, Managing Director of Island Climate Initiative, stated: “With GP Certified, plastic waste becomes something useful – empowering our communities, strengthening local businesses, saving foreign exchange and protecting our island’s natural beauty.”

A key feature of GP Certified is its certification label, which will be displayed on FMCG packaging made with verified recycled plastic. This label guarantees that the packaging meets strict standards across three key areas: safety, ensuring that recycled materials comply with health and hygiene requirements; quality, verifying durability and usability in packaging applications; and sustainability, promoting ethical sourcing and responsible waste management.

This initiative will also help recyclers adopt best practices, provide better working conditions, and drive demand for recycled plastics in Sri Lanka’s FMCG sector.”The GP Certified initiative is a game-changer for the recycling industry. It ensures that the plastics we process meet high standards for safety and quality, which will not only boost consumer confidence but also increase demand for recycled plastics from the FMCG sector.” – Chullaka Hapuarachch, Ecopoly (Pvt) Ltd.
GP Certified is funded by the PLEASE Project, implemented by the South Asia Co-operative Environment Programme, supported by the World Bank, with implementing support from UNOPS.

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Sri Lanka to host Indoor Cricket World Cup 2025 (Pics)

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The World Indoor Cricket Federation (WICF) has awarded the Ceylon Indoor Cricket Association (CICA) the 12th World Cup 2025 on the back of having conducted a very successful World Masters’ Series only 5 months ago.

This event will be worked off under the following 4 categories:
– Men’s Open
– Women’s Open
– Under 22 Boys
– Under 22 Girls

Teams from Australia, New Zealand, South Africa, India, England, UAE, Singapore, USA and hosts Sri Lanka will be seen in action.

The tournament will be held from the 27th of September to the 05th of October 2025 and games will be conducted at Austasia Sports Complex and the newly built at U Pro Arena, in Thalawathugoda.

Approximately 1000 players, officials & supporters are expected in the country for this prestigious event with an appreciable media coverage made possible in all major nations involved. Apart from being a major sporting event, it will also serve as a popular sports tourism opportunity for the host country at a time the tourism sector in the island nation is witnessing an upward trend in arrivals.

Over the last year there has been much activity relating to International Indoor Cricket in Sri Lanka. The England Asia Cup was followed by the Masters World Series, with the upgraded U Pro, Colombo & Austasia, Thalawathugoda facility producing exciting action on a daily basis.

The inaugural edition of the World Cup was held in 1995, in Birmingham, England with Bristol also hosting one in that country. Australia has witnessed 03 events in Melbourne & Brisbane, with the former being the venue for the last event in 2022.

Wellington was the host city when the Indoor Cricket World Cup was held twice in New Zealand. Johannesburg & Gauteng were the cities involved when South Africa acted as the host country on two occasions.

Dubai was also a venue once. Colombo is the host city for the 02nd occasion after a lapse of 21 years, bringing Sri Lanka into the limelight of Indoor Cricket World Cup action, this year.

Australia has won all world titles in both divisions up to now. In the Men’s category, New Zealand have been runners up on 08 instances, South Africa twice & Sri Lanka once. In the Women’s category, South Africa have been Runners Up 07 times while New Zealand have done so 03 times.

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